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Tuesday, December 6, 2022

Palm closes higher

KUALA LUMPUR: Malaysian palm oil futures ended higher after volatile trade on Tuesday, lifted by a surge in exports during Sept. 1-20 amid rising demand from top buyer India ahead of a key festival there.

The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange rose 39 ringgit, or 1.05%, to 3,739 ringgit ($820.68) a tonne, ending a three-session loss.

The contract fell 1.86% earlier as traders booked profit.

The market is trading both sides with a weaker ringgit and expectations of higher September exports lifting the market, a Kuala Lumpur-based trader said.

Exports of Malaysian palm oil products for September 1-20 rose between 31% and 39% from the same week in August, cargo surveyors said.

Indonesian palm oil producers are whittling down their hefty inventory overhang with discounts versus rivals and aggressive sales to India, where demand is picking up for next month’s Diwali festival, industry officials said.

Dalian’s most-active soyoil contract fell 1.6%, while its palm oil contract plunged 3.2%. Soyoil prices on the Chicago Board of Trade were down 0.2%.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

Palm closes higher

Source: Brecorder

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